In a statement released on Saturday, Wade said, "LeBron made the right decision for himself and his family because home is where your heart is. I know this was not an easy decision to make and I support him in returning to his roots."

Wade did the same, choosing to stay in his adopted hometown and with the Heat – who have won three titles and played in five NBA Finals with Wade.

Losing James was devastating for Miami, but it could have been far worse. Heat president Pat Riley got to work on upgrading the team's roster in a matter of days. Miami retained forward Chris Bosh, reached a deal with free-agent forward Luol Deng and forwards signed Josh McRoberts and Danny Granger to contracts. The Heat also plan to re-sign guard Mario Chalmers and forward-center Chris Andersen.

"Dwyane has been the franchise cornerstone for this team since the day he arrived 11 years ago," Riley said. "He has shown his commitment to the Heat many times over the course of his career and has always been willing to sacrifice in order to help build this team into a champion. This time is no different. I am ecstatic to have him back in the fold and I am confident that Dwyane, as always, will be leading this team as we look to contend for NBA Championships."

The Heat are still a playoff team and could even be one of the top four teams in the East, which is getting better and deeper by the day.

Because of some nagging knee issues, Wade missed 28 regular season games last year, but still averaged 19 points, 4.7 assists, 4.5 rebounds and shot a career-best 54.5 percent from the field. In 10 years with the Heat, he has averaged 24.3 points, 6 assists, 5 rebounds, 1.76 steals, 49.2 percent from the field in and 36.6 minutes.

He is the Heat's all-time leader in points (17,481), field goals made (6,276), free throws made (4,579), double-figure scoring efforts (691), assists (4,301), steals (1,262), starts, games played and minutes played (26,331).

Knicks star Carmelo Anthony, right, and Heat star LeBron James both opted out of their contracts this offseason and are big catches on the market. HoopsHype.com ranks the 20 best free agents for the summer. (Photo: Steve Mitchell, USA TODAY Sports)

19. C Spencer Hawes. Last team: Cavaliers. Status: Signed with Clippers (four years, $23 million). Hawes had decent stats as a starter. He would be a nice rotation center for a contender. (Photo: David Richard, USA TODAY Sports)

18. SF Evan Turner. Last team: Pacers. Status: Unrestricted. Turner was really filling the stat sheet in Philadelphia until he was moved to Indiana, where he didn't play much of a role. That trade will cost him millions in free agency. (Photo: Brad Mills Brad Mills-USA TODAY Sports)

17. SG Avery Bradley. Last team: Celtics. Status: Re-signed (four years, $32 million). Bradley will make a lot of money based on his defensive prowess alone. He has shown flashes of a more refined offensive game under coach Brad Stevens. (Photo: John Geliebter, USA TODAY Sports)

15. PG Isaiah Thomas. Last team: Kings. Status: Sign-and-trade to Suns (four years, $27 million). Is Thomas a new and improved Nate Robinson? He's able to score in bunches, but is not a great playmaker. Thomas put together a great season for a bad team. (Photo: Kelley L. Cox, USA TODAY Sports)

14. C Marcin Gortat. Last team: Wizards. Status: Re-signed (five years, $60 million). The run-and-jump center finally found a great situation in Washington. There will be no shortage of offers for Gortat. (Photo: Brian Spurlock, USA TODAY Sports)

13. SF Gordon Hayward. Last team: Jazz. Status: Re-signed (four years, $63 million). Utah could end up regretting not signing him to an extension. The athletic and smart Hayward will be in high demand. (Photo: Kyle Terada, USA TODAY Sports)

12. SF Paul Pierce. Last team: Nets. Status: Signed with Wizards (two years, $10.8 million). You want him on the court in crunch time during the playoffs. Pierce could be a quality reserve for a contender next season. (Photo: Joe Camporeale, USA TODAY Sports)

11. SG Lance Stephenson. Last team: Pacers. Status: Signed with Hornets (three years, $27 million). Stephenson has talent, toughness and passion, and his best basketball years are ahead of him, but the antics may scare a few teams away. (Photo: Steve Mitchell, USA TODAY Sports)

10. PF Pau Gasol. Last team: Lakers. Status: Signed with Bulls (three years, $22 million). The Lakers will pretty much start from scratch this summer and we'll have to see if Gasol figures into the team's plans -- or the other way around. (Photo: Gary A. Vasquez, USA TODAY Sports)

9. PF/C Greg Monroe. Last team: Pistons. Status: Restricted. Monroe has quietly become one of the top centers in the NBA, but we saw little or no progress this season. (Photo: Rick Osentoski, USA TODAY Sports)

8. SF Luol Deng. Last team: Cavaliers. Status: Signed with Heat (two years, $22 million). The Cavaliers may have given away a bunch of draft picks for nothing to get him. Cleveland proved to be a terrible fit for Deng, who could be looking to sign with a contender now. (Photo: David Richard, USA TODAY Sports)

7. PG Eric Bledsoe. Last team: Suns. Status: Restricted. Bledsoe lived up to his mini LeBron reputation in Phoenix. He put up numbers and won in a contract year. Durability is a concern, though. (Photo: Jerome Miron, USA TODAY Sports)

6. PG Kyle Lowry. Last team: Raptors. Status: Re-signed (four years, $48 million). A gritty and aggressive point guard that should have been an All-Star this season, Lowry was the best player in Toronto. (Photo: John E. Sokolowski, USA TODAY Sports)

5. PF Dirk Nowitzki. Last team: Mavericks. Status: Re-signed (three years, $30 million). Nowitzki was back at an All-Star level after a so-so 2012-13 season by his standards. (Photo: Matthew Emmons, USA TODAY Sports)

4. SG Dwyane Wade. Last team: Heat. Status: Re-signed (two years, $31 million). Wade could technically become a free agent, but we pretty much know he's off limits for any team outside Miami. He is still a star player if health permits. (Photo: Steve Mitchell, USA TODAY Sports)

2. SF Carmelo Anthony. Last team: Knicks. Status: Re-signed (five years, $124 million). With some years left in his prime, Melo will draw massive attention should he decide to leave New York -- which is looking like a feasible scenario with the way things have gone in the Big Apple. (Photo: Russell Isabella, USA TODAY Sports)

1. SF LeBron James. Last team: Heat. Status: Signed with Cavaliers (two years, $42 million). The four-time MVP and two-time NBA champion is already one of the top players of all time. His decision can potentially alter the landscape of the NBA. He would make a contender out of any NBA team. (Photo: Derick E. Hingle, USA TODAY Sports)